First Time Buy - Mortgage help

A.Richardson_2

I CAN afford the repayments. I am currently renting, so I may aswell buy. I will not be earning £12k for long, due a pay rise early next year and company car (which will free up more money).

Does anyone have anymore info about northern rock lending 6 times your earnings? Is this self cert/what is the rate?

Thanks

payless

meanmachine wrote:

Indeed, what I have learnt from this particular part of the site is that a good broker is able to get a seemingly non-standard borrower a standard loan.

But as you no doubt know, many punters think that they don't qualify, so are paying higher self-cert rates.

Possibly 2 different discussions ?

1. getting borrowing at a certain level / at all... finding a lender with matching criteria Vs mortgage fraud ( is the borrower equally aware/ at fault as broker)

2. being told by a broker thats the best rate you will get , - when more research / work ( or accepting a lower fee structure) might lead to a lower rate being available (being discussed about the adverse market at moment )

payless

A.Richardson wrote:

I CAN afford the repayments. I am currently renting, so I may aswell buy. I will not be earning £12k for long, due a pay rise early next year and company car (which will free up more money).

Does anyone have anymore info about northern rock lending 6 times your earnings? Is this self cert/what is the rate?

Thanks

I have no problems with this ... (although remember running a property is more expensive than renting + I assume you are basing on interest only !... thats another discussion) however if a lender is willing to lend on this basis they should be open about it instead of ( possibly) hiding behind self cert ( encouraging mortgage fraud ??)